HSBC tests City appetite for dim sum bonds April 18, 2012 HSBC saw strong demand from investors when it issued the first ever renminbi-denominated bond sold outside Chinese territory yesterday, raising 2bn yuan (£200m) in London. With investors subscribing for twice the issuance amount, the bank paid just three per cent interest on the three-year bond. Most of the debt was bought by European investors. The [...]
Dim sum breakfast in London April 18, 2012 Q What’s a “dim sum bond” and why is it a big deal? A “Dim sum bond” is the name given to a renminbi-denominated bond issued outside mainland China. Up to now, this has only happened in Hong Kong. The fact that it is now happening in London shows the degree to which Beijing is [...]
Strong demand in Africa and Middle East boosts Heineken April 18, 2012 HEINEKEN shares touched a four-year high yesterday after quarterly results showed a surge in sales. The maker of Amstel, Foster’s and Strongbow reported a 4.7 per cent rise in volume sales on a like-for-like basis, more than double the growth that had been expected. Sales rose particularly sharply in Africa and the Middle East. Revenues [...]
A globalised MBA can come in a host of different wrappings April 18, 2012 GLOBALISATION, both as a buzz word and as a practical reality, is informing business education everywhere. But the way in which schools have responded to this demand is very different. MBA programmes widely trumpet their global reach. International business requires executives and managers to appreciate cross-cultural sensitivities, to understand localised priorities, to have broad networks, [...]
Rio Tinto blow as copper and iron production disappoints April 17, 2012 RIO Tinto yesterday reported worse-than-expected falls in iron ore, copper and coal production in the first quarter after it was hit by bad weather. The world’s second biggest producer of iron ore said output dropped 11 per cent in the March quarter from the previous three months, with cyclones hampering production and shipments in the [...]
THE TIPSTER Cable pulling higher April 17, 2012 The pound is trading near critical levels against the US dollar. Cable has rallied strongly since mid-January and has continually found support on a sharply-rising trend line. It is now managing to hold above both its 50 and 100-day moving averages around the $1.5835/40 area. However, the pound is now nudging up against resistance at [...]
Goldman reduces stake in ICBC through share sale to Temasek April 16, 2012 SINGAPORE state investor Temasek bought $2.3bn (£1.4bn) worth of ICBC’s Hong Kong-listed shares from seller Goldman Sachs yesterday, piling into three of China’s top four banks and raising its bet on the world’s second-biggest economy. Temasek was burned by its financial industry exposure in 2008, hit by stakes in large European and US banks that [...]
Nokia hits new low as Moody’s slashes rating April 16, 2012 RATING agency Moody’s dealt a fresh ratings blow to Nokia yesterday, dragging its shares to their lowest level in 15 years and reflecting the Finnish handset maker’s struggle to compete with Apple and Samsung. Moody’s cut Nokia’s long-term credit rating to Baa3, one level above speculative grade, sending the battered shares to a historic low [...]
Miners fuel FTSE gains April 16, 2012 The FTSE 100 was in positive territory in early trading with resilient miners lifting the index despite fears over slowing growth in China Investors were more upbeat after markets were also buffeted last week by fears over Eurozone debt, with eyes focusing on Spain and Italy. However sentiment toward banking stocks remained tepid this morning [...]
China closer to free float for renminbi April 15, 2012 CHINA will today take a major step towards integrating its currency into the world economy, allowing the renminbi to fluctuate more directly in line with supply and demand. From today, the renminbi is free to move up or down by up to one per cent per day – double the 0.5 per cent band formerly [...]